The Importance of Asking When Negotiating Real Estate Deals

As investors, sometimes we forget that good deals are ours for the asking. The critical point is that we have to ASK. Good deals seldom just fall into our laps, or miraculously appear the first time we look at a potential investment property. We need to structure them, ask for them and make them into deals.

Of course, this means that you will frequently hear "no." This is why so many of us don't want to ask, because we fear the word no. Or we are embarrassed to ask for something that the seller isn't already offering. Or we think we are insulting the seller by asking for a discount. We must get past these hang-ups to become successful investors.

Any good salesperson knows that they have to ASK for the sale. They also know that they will frequently hear "no." However, the good salesperson trains himself to translate every "no" he hears into the conviction that he is just one person closer to hearing "yes." As investors, we need to think like this as we ask for the deals that we want.

So, next time you make an offer, don't forget to actually ask for the deal that you want. Do not be afraid of hearing "no." It is a necessary step on the journey towards "yes." Ask for the discount that would make the deal really work for you. Ask for owner financing or terms.

You never know what a seller is willing to consider until you ask. Once you have opened up an area for negotiation – like owner financing – you may be surprised at what comes from it. The seller may say no to your original request while offering something else that they never would have offered originally. Maybe you asked for 100% owner financing, and they returned with the offer of 30% or better. You won't know unless you ask.

To conclude, the mindset of a successful investor must include this willingness to ask. Never be afraid to ask. The worst possible outcome is that the seller might say "no."

Until my next post,

James